What Occidental Petroleum Is Really Worth

The management turmoil atop Occidental Petroleum has generated lots of speculation about what comes next. One possibility: a shareholder-friendly breakup.

The boardroom fight over the leadership of Occidental Petroleum is a high-stakes battle. Not only is the CEO's job in jeopardy, but the direction of the company has come into question. It's possible Occidental could ultimately be headed for a breakup, a move some analysts and investors think could increase the stock price by 30% or more.

Proxy solicitors shortly will recommend whether Occidental's shareholders should extend the terms of the company's 10 directors who are standing for re-election. Typically, this is an...